Sekondi, Nov. 24, GNA - Management of rural banks has been told to add value to their business operations through innovation, commitment and trust.
Mr. Emmanuel Kwapong, Managing Director, Association of Rural Bank (ARB) APEX Bank said this would enable them to sustain progress so far made and remain resolute in the face of current stiff competition in the banking sector.
These were contained in a speech read for him by Mrs Eunice Osei-Bonsu, ARB Public Relations and Marketing Manager, at the second annual general meeting of the Western Rural Bank at Sekondi on Saturday. Mr. Kwapong said the ARB Apex Bank Regulations of 2006 (L.I. 1825) passed by Parliament was a step towards the strengthening of the operations of rural and community banks to make them viable financial institutions.
Directors, management and staff of all rural banks would be given sufficient orientation on the regulations and its byelaws to ensure full compliance with its dictates, he said.
Mr Kwapong advised the banks to foster good relations with customers to enjoy their loyalty, adding that the banking industry had become sophisticated to the extent that "the slightest disturbance to the equilibrium will ward the customer off".
Mr. Kwapong said within the next three years, all rural banks' head offices and agencies would be computerised under the Millennium Challenge Account (MCA) programme.
This would enhance the operational efficiency of rural banks and also ensure their full integration into the national payment system. He appealed to the boards of rural banks to adopt best practices within the industry and initiate policies that would improve their fortunes.
Mr. Thomas Benjamin Sam, Chairman of the Board of Directors, called on shareholders to buy more share to strengthen the capital base of the bank.
Western Rural Bank, which started operation in 2005, recorded a net loss of 121 million cedis in 2006 as against a loss of 349 million cedis the previous year.
Mr. Sam said the bank had a very bright future and urged more people to buy shares and patronise the bank.
